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Personal pension reforms a surprise to 59% of over 50s

19 November 2009 / by Andy Davies

Three out of five over 50s are not aware of the impending changes to the personal pension system, Rockingham Retirement has revealed.

From April 6 next year, the age at which people are able to claim their personal pension will leap from 50 to 55, but according to the independent retirement planning broker, many over 50s are unaware of this change.

In a snapshot survey of 500 people aged 50 or over, 59 per cent said they did not know of any impending changes in the existing rules, while 41 per cent said that they were aware of the changes.

Commenting, Steve Hunt, managing director at Rockingham Retirement, said: "We asked a simple question, and it is clear from the fact that so many people were unaware of these impending changes that the Government’s key messages have not been getting through.

"If this snapshot is indicative of the whole of the UK, the future forecast for the nation’s pensioners looks blacker than ever," he said, before criticising the Government: "Continually moving the finish line further and further away makes it impossible for people in their 50s to plan ahead and budget for the retirement income they need."

The independent retirement planning broker is now urging anyone over 50 who want to start claiming their personal pension, to act sooner rather than later.

"The clock is ticking, and our advice is to take action by February 2010 at the latest in order to be sure of being able to draw their retirement income – otherwise they will have to wait up to a further five years," Mr Hunt added.